From the Top HAD IT NOT been for his grandmother, Paul Francom may never have become a reverse mortgage executive and advocate. In high school and college, Francom worked for his father, a branch manager for Republic Mortgage. In 2004, his grandmother applied for a reverse mortgage to cover basic living expenses after her husband died. Republic did not offer reverse mortgages at the time, but Francom and his dad immersed themselves in the regulations and learned as much as they could. The positive impact the reverse mortgage had on his grandmother left an indelible mark that inspired him to enter the reverse mortgage business full time. Republic Mortgage was soon offering reverse mortgages. Within two years, he was managing that part of the business. Today, Francom oversees reverse mortgage operations for Academy Mortgage, one of the largest independently owned mortgage companies in the United States. This past year, it ranked 31st in the country for HECM originations. Reverse Mortgage magazine sat down with Francom to discuss his approach to managing a reverse mortgage division and building success. Reverse Mortgage: How did you get your start in reverse mortgages? Paul Francom: I have dabbled in the mortgage industry since I was a teenager. When I was 14 years old, I worked in the mailroom for my dad’s branch office during summers and holidays. My father was a branch manager for Republic Mortgage, but I had uncles and other family members working in the mortgage business, too, so it’s in the blood. In late 2003 and early 2004, my grandma started looking into getting a reverse mortgage. This was new to us. My dad’s business focused on [Federal Housing Administration] streamline refinances, so nobody really knew anything about reverse mortgages. He flew up to Washington and took some classes from Seattle Mortgage Corp., and he brought back a binder full of study material. I was studying engineering, and I saw this material and was captivated. I love the mechanics of the reverse mortgage. I read the HECM Handbook 4235.1 and all the mortgagee letters. I soon decided to go full time into reverse with my dad. I love how the reverse mortgage fits into an overall financial plan for our clients and how it improves their quality of life. RM: Tell us about Academy Mortgage and what distinguishes it from other lenders. PF: Academy Mortgage was founded in 1988 by Dwayne Shaw. In 2015, Academy acquired Republic Mortgage, which is how I came to work here. Academy has a threefold vision that I love—inspire hope, deliver dreams and build prosperity. We inspire hope through the social impact programs that we offer in our communities and worldwide. Home-ownership is a huge dream for many Americans to have a safe, stable, comfortable place to live in. Building prosperity is not just for Academy employees. Of course, we want a job to sustain our families, but we want prosperity for our clients, too. Homeownership is a fantastic way to generate wealth. Academy is headquartered in Draper, UT. We have 2,000 employees and 200 branches in 49 states and the District of Columbia. We’re a top 25 lender and rated No. 1 on Zillow. But what’s more impressive is that we served over 54,000 families last year. We have eight employees who originate reverse mort-gages exclusively. Paul Francom, CRMP, Reverse Mortgage Operations Manager, Academy Mortgage By Darryl Hicks Paul Francom From the Top continued on page 12 REVERSE MORTGAGE / MAY–JUNE 2023 11
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